The Nigerian Communications Commission (NCC) has ordered all Licensees under its purview that have effected changes of more than 10% in their shareholding structures without the prior approval of the Commission to do so within 45 days.
A public notice on the Commission’s official website says “The Nigerian Communications Commission in exercise of its functions under the Nigerian Communications Act, 2003 (the Act) has published on its website www.ncc.gov.ng., as follows:
“All Licensees of the Commission are asked to please regularize their more than Ten Percent (10%) unapproved change in their Shareholding structure within 45 days of this publication.
“During the proposed 45-days grace period, no sanctions will be imposed for any previous infractions in respect of more than 10% unapproved change in Shareholding Structure.
“At the end of the grace period, the Commission will impose appropriate sanctions pursuant to the Nigerian Communications (Enforcement Processes etc.) Regulations, 2019.
“The Licensees are invited by this Notice to note that this publication is brought pursuant to Regulations 41, 42 and 43 of the Licensing Regulations, 2019.”